Free Google Sheets 50/30/20 budget spreadsheet: Are you tired of feeling like your finances are controlling you instead of the other way around? 

It’s time to break free from the cycle of paycheck-to-paycheck living and take charge of your money. 

In this post, you’ll learn how to unlock financial freedom with a simple yet powerful tool: the 50/30/20 budgeting rule. 

With the help of a free budget printable and budget spreadsheet, you can create a personalized plan to manage your income, prioritize your expenses, and start saving for your future goals. 

Main Points:

  • The 50/30/20 budgeting rule divides your budget into 3 main categories: 50% for Needs, 30% for Wants, and 20% for Debt/Savings.
  • Using a 50/30/20 Budget calculator can make your budgeting efforts easier and save you tons of time.
  • Creating a budget is an effective way to prioritize savings and help you reach your long-term financial goals. 
  • Bonus: FREE Google Sheets 50/30/20 Budget Spreadsheet + 50/30/20 Budget Printable instant downloads

About Me: My name is Miguel and I’m a simple living and budget spreadsheet advocate! I’ve been decluttering my life since 2018 and love everything simple living related. I aim to help you learn how to live a simple life, become intentional with your spending, and manage your money right!

Disclosure: This post may contain affiliate links, which means I’ll receive a commission if you purchase through my links, at no extra cost to you. Please read the full disclosure for more information.

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Free Google Sheets 50/30/20 budget spreadsheet

Free Google Sheets 50/30/20 Budget Spreadsheet + Printable (Beginner Budgeting Tips)

What is The 50/30/20 Budgeting Rule?

To effectively follow the 50/30/20 budgeting rule, it’s essential to understand what it is. 

The 50/30/20 rule allocates:

  • 50% of your income goes to necessities like rent, groceries, and utilities.
  • 30% is designated for wants, such as dining out, entertainment, and shopping. 
  • 20% should be saved or used to pay off debt. This can also be used for investments as well!

Understanding these percentages will guide you in managing your finances more effectively.

50/30/20 Budget Example

To create your personalized budget plan, start by listing all your sources of income and categorizing your expenses into necessities, wants, savings, and debt payments. 

Next: Evaluate each category to determine if any adjustments need to be made based on your unique financial situation. Consider setting specific goals for each category to stay motivated and on track with your budget. 

Here is a 50/30/20 budget example:

budget example

50/30/20 Budget Template Printable

Using a budget printable is a great way to get started with budgeting as a beginner! 

Writing down your income and expenses can really get you in the habit of keeping track of your money and allow you to visualize how much you have been spending each month. 

503020 budget printable

50/30/20 Budget Template Spreadsheet

Here is a look at our 50/30/20 budget spreadsheet:

50% For Needs

30% For Wants

20% For Debt/Savings

50/30/20 Budget Calculator

To budget effectively, having the right tools can make it way easier and save you time!

Our 50/30/20 budget spreadsheet has a built-in calculator that will break up your income by percentage (50% needs, 30% wants, 20% debt/savings) automatically.

50/30/20 budget calculator

Pay Off Debt Effectively

Paying off debt is one of the main reasons to start a budget. Debt can prevent you from saving more and hold you back from reaching your financial goals.

Here are some tips to pay off your debt effectively:

debt tracker printable

Increase Your Income

Budgeting is great to help you save more and reach your goals, however, there comes a point where budgeting can only take you so far. 

This is especially true if you’re budgeting on a low income.

Growing your income can help your financial life in so many ways! 

Imagine how much less stress you’d feel if you were able to build a side hustle and increase your monthly income!

Here are some effective ways to grow your income/build a side hustle

  • Save time and educate yourself about building a successful side hustle
  • Sell digital products and courses on Teachable
  • Create an online e-commerce storefront on Shopify
  • Start an Etsy store and sell your products
  • Start a Blog (for as little as $2.99/month!)
  • Deliver for Doordash
  • Deliver for Grubhub
  • Sell on eBay
  • Freelance on Fivver
  • Freelance on Upwork

Setting Aside Savings for Future Goals

Another important aspect of achieving financial freedom is setting aside savings for future goals. 

By planning for the future, you can ensure that you have funds available for major life events such as: 

  • Buying a home
  • Starting a family
  • Retiring comfortably

Whether you are saving for a down payment on a house or building an emergency fund, allocating a portion of your income towards savings is crucial for long-term financial stability. 

By consistently setting aside money for future goals, you can create a sense of security and peace of mind knowing that you are prepared for whatever life may bring. 

Remember, it’s never too early to start saving for the future, so make it a priority in your budgeting plan today!

Final Thoughts

Taking control of your finances and achieving financial freedom is within reach with the 50/30/20 budgeting rule and the free budget tools provided. 

By understanding your expenses, setting savings goals, and prioritizing your spending, you can pave the way toward a secure financial future. 

Don’t let financial stress hold you back – start implementing these strategies today and take the first step towards financial independence.

Starting Your Budgeting Journey!

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